UK backing £167bn of overseas bad debt - papers

The Telegraph says most of the £281.9bn of assets RBS has placed under taxpayer protection are based outside the UK, with loans secured against everything from negative equity properties in Dublin to hedge fund assets in Caribbean tax havens and container ships docked in ports around the world.

In a document released quietly on its website on Monday, the Treasury revealed the full make-up of the portfolio of assets taxpayers are now supporting through the Government's Asset Protection Scheme (APS). Full story...

TOP INVESTMENT banks, including Goldman Sachs and Deutsche Bank, are being lobbied by the government to contribute tens of millions of pounds to a new lending initiative for credit-starved small businesses.

Executives from global financial institutions were called to a meeting on Monday with Alistair Darling, the chancellor, and Lord Mandelson, the business secretary, to discuss their participation in the scheme, which Mr Darling was keen to announce as part of his pre-Budget report on Wednesday.

The meeting at the Chancellor's office was held amid rising tensions between the banking industry and the government over a crackdown on bankers' remuneration and Mr Darling's plans to introduce a "supertax" on bonuses. Full story...

DUBAI WORLD'S six biggest lending banks have begun talks with the ailing state-owned group before a crunch creditors' meeting that is scheduled for December 21.

Four British-listed banks - HSBC, Royal Bank of Scotland, Lloyds Banking Group and Standard Chartered - and two local lenders - Emirates National Bank of Dubai and Abu Dhabi Commercial Bank - met NM Rothschild and Deloitte, Dubai World's advisers, in the Gulf State yesterday, the Times writes.

The banks tried to ascertain whether Dubai World would make interest payments due on the bonds of Nakheel, its property subsidiary, next Monday. Last night Dubai World's intentions remained unclear. Full story...

 

Categories: Industry

Tags: Royal bank of scotland| Dubai| Treasury